"G20 could give the momentum needed to usher in unprecedented international co-operation”

When Canada’s Paul Martin and fellow finance ministers – including myself, as Mexico’s then Minister of Finance – set up the G20 many years ago, we had the right vision. The rapid and far-reaching globalisation of markets has to find its counterpart in closer and more effective policy coordination.

Today’s financial, economic and social crisis is confirming the truth of this, while the upgrading of the G20 to the level of heads of state and government testifies to the scale of the common challenge we face, and the need to build a stronger, cleaner and fairer world economy. International organisations like the OECD are ready to play a role in offering analysis and policy options, and in monitoring and ensuring follow-ups to G20 leaders’ policy decisions.

The G20 accounts for 85% of global GDP, and 90% of global population, and has already given a convincing demonstration of its capacities for effective crisis management. Going forward, the world needs to be put on to a new growth path, and this requires leadership as well as competence, accountability and transparency.

The G20 framework for strong, sustainable and balanced growth could give the momentum needed to usher in a period of unprecedented international co-operation. Improved co-ordination on the economic, social and environmental fronts could do much to avoid future crises and underpin a more prosperous world economy.